More than half of all Americans have taken out a personal loan at one time or another. Often, individuals use this extra cash for debt consolidation purposes, but frequently, it’s to pay for medical expenses or embark on a business venture.
Of course, getting a personal loan may be impossible if you have poor credit. Moreover, getting a loan can take some time, which won’t work if you need money quickly. So, how can you borrow money instantly?
In this post, we will see a few methods you can use and some tips for borrowing money quickly!
Loans From Family or Friends
If you need money, one of the fastest ways to get it is by borrowing it from a friend or family member since you don’t need to file any paperwork or get approved. Plus, your loved ones won’t likely charge interest.
Still, there are downsides to borrowing money from friends and family, especially if you can’t repay it quickly. So, to avoid conflicts or hurt feelings, be sure you create a repayment plan in advance and stick to it.
In some cases, you may even agree that drawing up a contract is in the best interests of both parties, even among family members.
Paycheck Advance
Paycheck advances are like a private loan between you and your employer, but they aren’t as simple as getting your check sooner than usual. Most often, paycheck advances come with interest, so you’ll decrease your overall income. And if you aren’t careful, they can lead to bad financial habits.
Most employers only grant advances in certain situations, such as family emergencies or medical expenses. If you are in a dire situation, you can ask for a private meeting with your employer or email them a request.
Credit Card Cash Advance
Did you know that you can use a credit card to withdraw money from a bank? Known as a cash advance, this is one of the easiest ways to get money when you are in a tight spot.
Be careful with cash advances, as some lenders charge you extra fees for cash advances, such as a percentage of the amount or a flat fee. Moreover, the interest rate on cash advances is often higher than on purchases. And, there is no grace period for the interest on cash advances, so you’ll start accruing it immediately.
Still, credit card advances are a good option if you know you can repay them quickly.
Of course, this may not be an option if you have your credit cards maxed out. So, if you need some help getting back on your feet after financial setbacks, you should learn about iva vs bankruptcy, which can help you live debt-free.
Borrow Money Instantly With These Methods!
In this brief guide to borrowing money, you learned several methods to get cash fast! So, be sure to compare the pros and cons of these different ways to borrow money instantly. Then, once you have the cash you need, be sure to use it wisely!
If this post helped you learn how to borrow money, don’t forget to browse more of our financial-related content that can help you create a budget, develop a savings plan, and get out of debt!
